Home » Blockstream accommodates Fidelity in its New Institutional Bitcoin Mining Service as Early Customer

Blockstream accommodates Fidelity in its New Institutional Bitcoin Mining Service as Early Customer


Blockstream, a Blockchain technology company, announced on an Aug. 8 blog post its Bitcoin mining services details. The company unveiled a new mining wing consisting of two massive enterprise-class co-location services data centers. Essentially, Blockstream Pool, the new wing, will use the BetterHash protocol to maintain the Bitcoin network’s decentralization.

Blockstream’s mining equipment and data-centers

Quebec and Georgia host the data centers that have a combined energy capacity of 300 megawatts (equivalent to 300,000 kilowatt-hours of energy).

This might be almost 7.5% of the entire network hash rate when at full capacity — meaning, in the case where the latest mining rigs have populated the system.

Co-location Turnkey solution of clients’ mining equipment, installation and maintenance, and covering delivery to the data-center is gotten from the facilities.

In its operation, the customer is left to remotely manage mining rigs, thereby providing real-time analytics and control over the operation of each device.

Fidelity Center for Applied Technology has identified itself as the early customer since the service is targeted to institutional and enterprise customers. Only last month, Fidelity took a step to file for a New York Trust License.

Efficiency of BetterHash protocol

Blockstream’s mining service provision is considered the first mining pool in the world to use the BetterHash protocol. With BetterHash, individual miners have the liberty to choose which transactions should be included in their newly mined blocks.

Fortunately, since pool operators determine the transactions to be included, the key issue that many mining pools are grappling with is solved. In other words, it becomes much more difficult for the network to suffer potential attacks when decentralization is increased.

Besides mining, Blockstream desires to bring cost and speed benefits to the Bitcoin network through the Liquid sidechain project — which cryptographer Dr. Adam describes as a bitcoin-sidechain ecosystem — it is developing.

Blockstream Pool, a one-year testnet graduate, is available to Blockstream Mining customers but only enterprises and institutions can Blockstream Mining, as of now.

Sources: https://cointelegraph.com/news/fidelity-joins-blockstreams-new-institutional-bitcoin-mining-service

About the author

James Lovett

James Lovett

James is a passionate writer on cryptocurrency industry and other disruptive technologies in the crypto world. He has written several crypto articles for numerous websites and blogs over the years.

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